Brazilian bank to buy Ariel Re from Global Atlantic

São Paulo-based investment banking firm Banco BTG Pactual S.A. will acquire Hamilton, Bermuda-based Ariel Re from Global Atlantic Financial Group Ltd., the two companies said.

Terms of the deal, which is subject to regulatory approval, were not disclosed.

Ariel Re will continue to operate under its own name, the companies said Thursday in a joint statement.

“Ariel Re will be the cornerstone of BTG Pactual’s international reinsurance venture, which builds on the success of its London-based reinsurance principal investment business and establishes a permanent presence in the industry,” said the statement. “Ariel Re, which has offices in Bermuda and London, will continue to operate its Lloyd’s of London syndicate and retain access to Lloyd’s security ratings.”

The Goldman Sachs Group Inc. acquired Ariel Re in 2012 and a year later sold it to Hamilton, Bermuda-based Global Atlantic, which was founded by Goldman Sachs in 2004 and established as an independent company in 2013.